Join Larry McMillan as he discusses the current state of the stock market on Monday, November 8, 2021.
Join Larry McMillan as he discusses the current state of the stock market on Monday, November 1, 2021.
Major Indices have broken out to new all-time highs. This includes $SPX, the Dow ($DJX), and NASDAQ ($NDX; QQQ) -- just barely for QQQ. The Russell 2000 ($RUT; IWM) is noticeably lagging. In any case, we use $SPX as "the market," and it is strong. This breakout has re-established a "bullish" rating for the $SPX chart.
Join Larry McMillan as he discusses the current state of the stock market on Monday, October 25, 2021.
The rally that began with an upside gap move on October 14th has turned out to be very strong, and $SPX has now traded at and closed at a new all-time high. The Dow is very close to following suit, but NASDAQ and the Russell 2000 lag behind. More about that later.
There is still a chance that $SPX is merely at the top of a trading range that extends roughly from 4300 to current levels, at 4550. A clear breakout above 4560 or so would dispel that notion.
Join Larry McMillan as he discusses the current state of the stock market on Monday, October 18, 2021.
The broad stock market has strongly reversed upward over the past 48 hours. Tuesday night, in overnight Globex trading, the S&P futures were trading at 4320. This morning, they are at 4460. That's a pretty big increase in 48 hours.
Join Larry McMillan as he discusses the current state of the stock market on Monday, October 11th, 2021.
Sentiment is changing nearly daily, producing wide swings in $SPX. But the Index is still in a downtrend, with lower highs and lower lows on its chart (blue lines in Figure 1). The lower end of the range is just below 4300, as there were several rather strong reversals from that area in the past week. On the upside, there is resistance up to 4465. A broader view shows three support areas (horizontal red lines in Figure 1) at 4233, 4160, and 4060 and, of course, resistance at the all-time highs (4545).
Join Larry McMillan as he discusses the current state of the stock market on Monday, October 4, 2021.